Soybean Futures jumped by almost 5 percent today following one of the biggest routs in price in more than two years. According to a report from the U.S. Department of Agriculture the United States will harvest 7.3 percent less this year compared with last. The drop in Soybean Futures started last month on concerns that growth would slow in China where the commodity has seen much of its growth over the past decade. Those fears where eased today following data released by the USDA that showed that global consumption of cooking oils has not fallen during any recession in the past thirty years.
Soybean Future hit a three years higher on the Chicago Board on August 31st but started to plunge 20 percent from then. The USDA is set to release a report at 8:30 am tomorrow on its estimates for soybean output and stockpiles. Analyst on average estimate that U.S. production may be 0.6 percent higher than last month at 3.102 billion bushels while inventories at the end of the year top 186 million bushels.
Soybean Futures closed at a price of $12.355 a bushel on Tuesday, a 4.93 percent increase on the day.
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